According to Chandler (1977), the major event in business development in 1895–1904 was
(a) the Granger cases.
(b) Munn v Illinois (1877).
(c) the rise of vertically integrated firms.
(d) the merger wave.
(d)
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Using outlet stores to price discriminate has been successful for many companies, with sales increasing faster than at conventional retail stores
Indicate whether the statement is true or false
Resolving Adam Smith's diamond-water puzzle involves
a. realizing that price is not directly related to total utility. b. knowing that at optimal purchase, price will tend to equal marginal utility. c. knowing that, as increasing quantities of a good are consumed, marginal utility diminishes and, conversely, consuming a small quantity of a good produces high marginal utility. d. All of the above are correct.
A profit-maximizing firm in a competitive market will increase production when average revenue exceeds marginal cost
a. True b. False Indicate whether the statement is true or false
If a person is risk averse, then she has negative marginal utility of wealth
Indicate whether the statement is true or false